SINGAPORE, Sept 26 (IFR) - India's Infrastructure Leasing
and Financial Services plans to list its wind power business
through an roughly S$400m-$500m (US$325m-$406m) business trust
IPO in Singapore.

The IPO is likely in early 2013 and the company has mandated
Deutsche Bank, JP Morgan and Nomura as the bankers, a source
said. "The issue size is unclear because the company is yet to
decide which projects will be part of the trust."

The company's website shows it owns wind power projects
totalling around 50MW. ILFS is an infrastructure development and
finance company.

State-owned Life Insurance Corporation of India owns a
25.94% stake in ILFS, Japan's Orix Corp 23.59%, Abu Dhabi
Investment Authority 11.35% and Housing Development Finance Corp
10.74%. The rest of the stake is owned by other banks and mutual
funds.

At present, Ascendas India Trust and Indiabulls Properties
are listed as business trusts in Singapore. India's Religare
Health Trust is currently pre-marketing its US$400m Singapore
business trust IPO at an indicative 8.5%-9% yield.

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